Asian, ex Japan, currencies are moving higher today and whilst month end flows (exporters buying) are part of the reason the other is that players are running out of excuses to remain long US Dollars in an environment more conducive to risk trades. The SGD, MYR and KRW have led the charge higher today breaking above/heading towards key technical levels. If the market comes out unscathed from tonight’s LTRO operation big gains could be in store for AXJ currencies in March as “Greek crisis” ranges are broken down and we head into new territory. In a story out late last week, a leading investment bank says the emerging world is where the greatest opportunities lie. They point out in a comparison of real exchange rates since the start of 2008 (GFC) that the Korean Won has fallen the most over the last 4 years – down 20%. This is in stark contrast to the Yen which is up 25% over the same period. Little wonder the Japanese are so upset with their export competing neighbour!